Graphite electrodes are classified under the customs code (HS: 85451100), with the Chinese description "炉用碳电极" which translates to "Furnace Carbon Electrode." Graphite electrodes are mainly made from petroleum coke and needle coke as raw materials, with coal tar pitch used as a binder. They undergo processes such as calcination, batching, kneading, molding, baking, graphitization, and machining to be produced. They serve as conductors in electric arc furnaces, releasing electrical energy in the form of an arc to heat and melt the charge materials. Depending on their quality indicators, graphite electrodes can be classified into ordinary power graphite electrodes, high-power graphite electrodes, and ultra-high-power graphite electrodes. Graphite electrodes have a wide range of applications, primarily in electric arc furnace steelmaking, ore-based electric furnaces, and resistance furnaces.

  Electric arc furnace steelmaking is a major user of graphite electrodes. Domestic policies supporting the substitution of the converter process with the short-process electric arc furnace for steelmaking have led to an increased demand for graphite electrodes in the Chinese steel industry. In 2020, the global COVID-19 pandemic, coupled with a significant drop in crude oil prices and sluggish downstream demand, resulted in inverted production profitability and a decline in demand for graphite electrodes. In 2022, the recurring waves of the pandemic and the significant downward pressure on the global economy have further contributed to the steel industry's slump, making it difficult to sustain the demand for graphite electrodes. The graphite electrode market is heavily influenced by the demand from the downstream steel industry.

  According to customs data, the total export volume of China from January to November 2022 was 314,200 tons. Except for January, the monthly export volumes decreased compared to the same period in 2021, resulting in an overall decline of 19.75% during the same period. However, in terms of total export value, prices showed an upward trend, with an overall growth of 12.78% during the same period.

Note: Quantity and Value Trends

       According to customs data, as of November 2022, China primarily exports graphite electrodes (HS: 85451100) labeled as "炉用碳电极" to countries including Russia, South Korea, Turkey, Malaysia, China Taiwan, Japan, the United States, Brazil, Mexico, Kazakhstan, and India. It is worth noting that India, Japan, the United States, Russia, South Korea, Turkey, Germany, Brazil, and Iran are all major steel-producing nations in the world.

Note: Export Main Market Share

With the gradual release of China's scrap steel resources, electric furnaces have significant development potential in the future. The country encourages steelmaking using scrap steel and short-process methods, and encourages companies to replace capacity in the electric furnace process without increasing new production capacity. Additionally, with the formulation of the "14th Five-Year Plan" in various sectors, the total production of electric arc furnace steel has been increasing year by year. It is expected that the demand for graphite electrodes will steadily rise in the future.

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